Meadows Village Heart. Picture courtesy of CBRE
RA Facilities has bought Meadows Village Heart, a 67,336-square-foot grocery-anchored retail heart in Temecula, Calif., in a non-public 1031 change. CBRE organized the $27.7 million transaction on behalf of the vendor, funds managed by associates of Fortress Funding Group LLC.
Anchored by Baron’s Market, Wells Fargo and Palomar Well being, Meadows Village Heart has a various mixture of native, nationwide and regional tenants. The roster contains Starbucks, Subway, Crumbl Cookies, Alberto’s Mexican Meals, UPS Retailer, Struggle Sports activities Membership and Pacific Dental, amongst others. The retail asset was 96 % leased on the time of sale.
Accomplished in 2006, Meadows Village Heart encompasses six buildings unfold throughout an 8-acre website, based on CommercialEdge data. The property has lately underwent renovations and upgrades to the widespread areas, landscaping and signage.
Situated at 31963 Rancho California Highway, within the Southwest Riverside County submarket, the neighborhood heart is lower than 4 miles east of Interstate 15. The property is on the gateway of Temecula Wine Nation, a area receiving greater than 3 million guests yearly.
CBRE Senior Vice President Jimmy Slusher, Vice Chairman Philip Voorhees and Affiliate James Tyrrell represented the vendor. Regardless of varied challenges, the retail actual property sector has began to point out broad energy within the first quarter of this 12 months, a latest CBRE report reveals.
